Word: centralization
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...things looked grim. Still short of credit in those tight money markets, Northern Rock had little choice but to approach the Bank of England for cash. And that - the emergency credit that King duly put up - was supposed to be that. It wasn't. Far from reassuring savers, the central bank's efforts amounted to "the equivalent of screaming fire in a crowded cinema," offered John McFall, chairman of the Treasury select committee. King could hardly quibble with that, but coming to his own defense, the Governor made clear it hadn't been his favored remedy. And here, he said...
...England announced plans to pump $20 billion into the money markets, to help thaw the freeze on liquidity and push down the bloated rate banks are charging to lend one another cash. It also broadened the kind of collateral those banks could put up in return for accessing the central bank funds. In itself, that wasn't controversial - the European Central Bank and U.S. Federal Reserve have both pumped cheap cash into the markets in recent weeks to help institutions...
...very much enjoyed Elizabeth Keenan's account of the extraordinary Finke river race in central Australia, and the certifiably crazy people who take part in it. I was intrigued, however, by the geologists' reference to the Finke as the "oldest river on earth." I am no hydrographer, but I have always thought one of the defining qualities of a river is water. Given that the Finke is almost permanently empty, shouldn't it be known as the oldest groove on earth? Anthony Connell, Sydney...
...Hall (3) is not just for music aficionados?from classical to Iggy Pop?but also for those interested in design. The furniture of postwar-design star Robin Day has been restored, as have the carpets designed by architects Peter Moro and Leslie Martin. The venue will also be the central hub of this year's London Design Festival (Sept. 15 to 25; londondesignfestival.com...
Style A to Zoe: The Art of Fashion, Beauty, & Everything Glamour (Grand Central Publishing) Rachel Zoe and Rose Apodaca bring frothy celebrity looks down to earth with an accessible fashion handbook...